How about Fewer Lawyers?

At least 10 of the nation’s roughly 200 law schools are cutting, or plan to cut, the size of their incoming classes — eliminating revenue at a time when universities are still feeling the hangover from the recession. Why?

For one, the number of law school applicants tumbled 14% this year from last. The legal job situation, as we learned last week, is even grimmer than previously thought. For the law-school class of 2011, employment rates are at an 18-year low, according to a survey by NALP.

About 86% of graduates found jobs in what NALP described as the worst market since 1994, when the employment rate was 85%. Less than 66% of those jobs required a law license, the lowest rate since the association began collecting the data.